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ExxonMobil. the largest U.S. energy group. plans to increase its shale oil production in the Permian Basin of Texas and New Mexico fivefold to 500.000 barrels a day (bbl d) in 2025. the company said on Jan. 30.
It is the latest sign of how large international companies are increasingly pinning their hopes for future growth on “unconventional“ resources in North America. Rivals including Chevron and Royal Dutch Shell are also planning for expansion.
ExxonMobil has been building up its position in the Permian Basin with a series of acquisitions. including a deal a year ago to buy drilling rights on 250.000 acres from the Bass family for up to $6.6 billion. It has also been working to cut production costs. and says it can develop the resources profitably “at a range of prices.`
